Comvest issues debut mid-market CLO
Comvest Credit Partners has closed its debut collateralised loan obligation (CLO) at $500m (£382.94m).
The Comvest 2024-1 CLO covers US-based middle market companies. This makes Comvest the first company to debut a middle-market US CLO in 2024.
“We are excited to leverage Comvest’s resources and capabilities to further expand our credit product offering and fund financing sources,” said Jason Gelberd, chief operating officer and co-head of direct lending for Comvest.
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“A CLO solution builds upon Comvest’s longstanding expertise in middle-market credit investment management and provides investors diverse opportunities to invest in Comvest, whether through our direct lending funds or a CLO.
“We are thankful for the strong response from our investor base and believe our ability to price a CLO reflects confidence in our veteran credit investment team and 18-year performance record through market cycles. We hope to return to the market and become a programmatic CLO issuer.”
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The CLO is rated by Standard & Poor’s and collateralised by a diversified portfolio of senior secured loans, all of which are originated and managed by Comvest. There is a nine-month reinvestment period and a nine-month non-call period.
Deutsche Bank served as the lead manager and sole bookrunner on the transaction. NatWest Markets acted as the co-placement agent and GreensLedge Capital Markets was the co-manager.
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